No, this has nothing to do with PFS - this is due to EML's...

No, this has nothing to do with PFS - this is due to EML's choice to "move" non-UK operations to Ireland. Prior to the acquisition, PFS was operating in the UK and either (a) flying under the radar, or (b) not doing anything questionable from a money-laundering perspective.

Unless there is actually money laundering happening (always a possibility) it's just hard to see what the outcome of this might be. As above, ever if that 27% of the business disappears there is still the remaining 73%. And yes this does raise questions on the governance of this part of the business, but as I think everyone knows anti-money laundering laws are complex and can take some time to get to grips with. I'm personally not concerned on that front.

The possible outcomes here are

• slap on the wrist / warning with some changes to process, governance, systems, etc
• a big fine / penalty - but not too big! because EU & Ireland don't want to scare of tech innovation
• the whole business (27% of revenue) is not viable and needs to be shut down
• decide that Ireland just sucks and move again to another domicile...

Should have probably gone to Cayman islands or something instead!

I was busy this morning so didn't get to buy under $3 like some lucky people here, but got in low/mid 3s for the trade.